Breaking news! Korean IT giant Naver withdraws, Shinsegae Group exclusively acquires eBay Korea

Originally, after eBay decided to choose South Korean retail giant Shinsegae Group as the new owner of eBay Korea, most people thought that the sensational eBay Korea acquisition battle was finally coming to an end.

However, according to the Korea Economic News Network, Naver, which formed an "anti-Coupang alliance" with Shinsegae Group and participated in the acquisition of eBay Korea, suddenly announced that it would withdraw from the acquisition of eBay! This also means that Shinsegae Group will acquire eBay Korea , which ranks third in Korean e -commerce, alone .

"We considered acquiring a portion of eBay Korea's shares as part of strengthening our business competitiveness, but ultimately decided not to participate in the acquisition process, " Naver said in a response to public inquiries.

The two companies had previously reached a preliminary plan for Naver to bear about 20% of the acquisition amount proposed by the consortium consisting of E-Mart and Naver , but Naver decided to withdraw at the last minute before the acquisition .

It is reported that many people in the Korean industry believe that the main reason for Naver's withdrawal is the review of corporate mergers by the Korean Fair Trade Commission . If Naver, the No. 1 e-commerce company in Korea, acquires eBay Korea, the third largest company , then it and Shinsegae will occupy the No. 1 and No. 2 e-commerce companies in Korea . Therefore , the corporate merger review by the Fair Trade Commission may become a burden for both companies , so one of them decided to withdraw .

An E-Mart official said: " We will complete the acquisition of eBay Korea independently , and the all-round cooperation with Naver will not change ." Shinsegae raised about 5 trillion won through acquisition finance and other means for this acquisition , which is enough to complete the acquisition work independently , and the acquisition work is currently in progress.

As the retail industry gradually shifts from offline to online , Coupang , which leads the online and delivery culture transformation in South Korea , has gained greater development power by listing on the New York Stock Exchange. Therefore, Shinsegae , a South Korean retail giant , is actively betting on online transactions and has been actively acquiring eBay Korea from the beginning .

The acquisition of eBay Korea is expected to generate synergy with Shinsegae's existing offline stores and logistics distribution systems, and is also expected to generate synergy in the field of quick payment.

Acquisition

eBay

South Korea